Spanish Gov't Approves Tax Reform Package

by Ulrika Lomas, Tax-News.com, Brussels

23 April 2015

The Spanish Government on April 17, 2015, approved a draft law to amend the General Tax Law, including measures to tackle tax fraud and overhaul value-added tax reporting rules.

The law provides that the Government will disclose information about taxpayers that have tax debts of EUR1m (USD1m) or more or those that have been convicted of tax fraud. The Government plans to publish such information in the fourth quarter of this year, and biannually thereafter.

The Government will also reform laws concerning income tax, corporate tax, and VAT and excise duties. The changes are intended to "reduce conflict and increase legal certainty" surrounding these rules.

Last, the draft law confirms plans to introduce new mandatory VAT reporting and record keeping requirements from 2017. From January 1, 2017, taxpayers will be required to keep electronic records and report taxable transactions in real time.

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